Reduce unnecessary paperwork by using mortgage calculators A formal loan application triggers a great deal of mandatory paperwork. For the customer in the early stages of home buying, a mortgage calculator provides the information they need.

I recommend:  Use mortgage rate calculators, such as those at Bankrate.com to determine the interest of your borrowers and provide them with basic information about how much money they can borrow. Detailed calculators allow you to tell the borrower how much they can lower their payment by saving for a larger down payment, how much they save in interest by making additional payments on the principle and other information that the nervous buyer finds reassuring.

Stay in compliance by keeping the loan process organized Once the loan process begins, there are a variety of forms to fill out and financial information to sort through. Mortgage professionals are highly regulated.

I recommend:  Calyx Software offers an inclusive software package that includes a variety of financial calculators, credit analysis worksheets, disclosure forms, conversation logs and all of the other forms and documents that are necessary to successfully shepherd a loan from first contact to closing.

Prevent the loss of a customer by using mortgage calculators Many home buyers, particularly first time buyers, approach mortgage companies with only the vaguest idea of how much home they can afford. They are more likely to know how much of a monthly payment they are willing to take on.

I recommend:  Use a mortgage rate calculator that allows you to enter the amount of the monthly payment your clients can pay and the amount of money they have to put down to come up with the amount of home they can afford. CCH offers a wide range of calculators to answer specific mortgage questions, including renting vs. buying.